Mandatory to quote PAN for Rs 2.5L deposits: CBDT
Posted Date : 18-Nov-2016 , 08:04:16 am | Posted By CASANSAAR
Quoting of PAN for cash deposits aggregating to Rs 2.5 lakh or more in bank accounts after the withdrawal of old 500 and 1000 rupees notes is mandatory, the tax department said.
Quoting PAN is mandatory for cash deposit of over Rs 50,000 in a single day in scheduled or a cooperative bank.
The ...
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CBDT |
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Govt allows dispensing cash through debit card from selected petrol pumps
Posted Date : 18-Nov-2016 , 07:54:52 am | Posted By CASANSAAR
The government allowed dispensing cash of up to Rs 2,000 through debit card swipe at some selected IOCL, BPCL and HPCL petrol pumps. The initiative has been launched by the public sector oil companies in association with State Bank of India to ease the burden on banks and ATMs.
The facility...
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Banking |
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Centre moves SC to stay proceedings against demonetisation
Posted Date : 17-Nov-2016 , 05:26:56 pm | Posted By CASANSAAR
The Supreme Court today agreed to hear a fresh plea of Centre seeking a stay on the proceedings before various high courts and other courts except the apex court against its decision to demonetise high denomination currency notes of 500 and 1,000.
The bench agreed to the contention of Attorney Ge...
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RBI |
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Relief for farmers, families celebrating weddings, Govt issues guidelines on withdrawal norms
Posted Date : 17-Nov-2016 , 05:23:35 pm | Posted By CASANSAAR
In a breather for farmers across the country ahead of the onset of Rabi season, Economic Affairs Secretary Shaktikanta Das Thursday announced that farmers can withdraw up to Rs 25,000 per week from the payment they receive for agriculture produce in form of cheque or RTGS. Further, the government ha...
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Banking |
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Income Tax lens on current account deposits over Rs 12.5 lakh
Posted Date : 17-Nov-2016 , 08:27:53 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) amended rules in the Income Tax Act and asked banks to furnish a statement of financial transaction in one or more current accounts of a person for cash deposits of Rs 12.5 lakh and above between November 9 and December 30.
The CBDT's notification on N...
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Income Tax |
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Jewellery shops remain shut for 6th day after alleged reports of tax evasion
Posted Date : 17-Nov-2016 , 08:21:26 am | Posted By CASANSAAR
Gold and jewellery establishments in the national capital remained shut for the 6th day on Wednesday after the Income Tax Department carried out surveys following reports of alleged profiteering and efforts at tax evasion due after the government's demonetization move.
The government last wee...
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Income Tax |
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Income Tax department notices to charitable, religious organisations
Posted Date : 17-Nov-2016 , 08:18:21 am | Posted By CASANSAAR
The Income Tax department has issued notices to hundreds of charitable and religious organisations in the country enjoying tax exemption.
The organisations have been asked to inform the department about their cash balances as of 8th of this month when the government demonetised 500 and 1,00...
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Income Tax |
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Customer PAN must for deposit exceeding Rs 50,000: RBI to banks
Posted Date : 17-Nov-2016 , 08:17:31 am | Posted By CASANSAAR
In the wake of demonetisation of high-value currency, RBI has asked banks to ensure that customers submit a copy of permanent account number (PAN) card for any cash deposit exceeding 50,000 rupees, if it is not already seeded with the account.
The apex bank said this in a notification with ...
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Banking |
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SBI collects Rs 1,14,139-cr in deposits in last 7 days
Posted Date : 17-Nov-2016 , 08:11:29 am | Posted By CASANSAAR
State Bank of India today said it collected Rs 1,14,139 crore in deposits in last seven days after the government announced demonetisation of Rs 500 and Rs 1,000 notes.
The bank saw 240.90 lakh cash deposit transactions between November 10 and November 16 up to 7 PM, SBI said in a statement here ...
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Banking |
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Union Budget 2017 to be presented on February 1
Posted Date : 16-Nov-2016 , 05:29:28 pm | Posted By CASANSAAR
The Union Budget will now be an early affair as the government has decided to present it on February 1. This announcement has come just a day before the start of the winter session of Parliament, to be held from November 16 to December 16, which is generally convened in the 3rd or 4th week of Novemb...
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Budget |
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3 legislations related to GST bill in government's 'to do' list
Posted Date : 16-Nov-2016 , 10:45:51 am | Posted By CASANSAAR
Amid indications of a stormy winter session in Parliament, the government has listed its legislative agenda which includes bills for rollout of goods and services tax (GST), maternity benefit (amendment) and the surrogacy regulation.
The government is keen to push the passage of the three legisla...
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GST |
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ICAI Press Release on Sting Operation carried out by Aaj Tak News Channel
Posted Date : 16-Nov-2016 , 10:29:22 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) welcomes the historic decision of Government of India to fight against Corruption, Black Money, Terrorism and counterfeit Currency. This is a giant leap towards creating a clean and corruption-free economy. The Demonetisation drive declared by t...
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ICAI |
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ICAI to take strict action against two erring members
Posted Date : 16-Nov-2016 , 10:25:21 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI today said it will initiate disciplinary proceedings against two of its members who reportedly offered to convert black money by charging hefty commissions.
The Institute of Chartered Accountants of India (ICAI) has issued showcause notices to the t...
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ICAI |
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Banks may hire retired staff to deal with cash rush
Posted Date : 16-Nov-2016 , 10:06:44 am | Posted By CASANSAAR
The finance ministry today asked banks to consider engaging retired employees to deal with the unprecedented rush for exchange of invalid currency notes and ease pressure on existing staff.
In a letter written to Indian Banks' Association (IBA), the financial services department of the financ...
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Banking |
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SC refuses to stay Govt's demonetisation notification
Posted Date : 15-Nov-2016 , 02:27:18 pm | Posted By CASANSAAR
Supreme Court today refused to stay the government's notification demonetising Rs 500 and Rs 1,000 currency notes but asked it to spell out the steps taken to minimise public inconvenience.
"We will not be granting any stay," a bench comprising Chief Justice T S Thakur and D Y Chand...
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Banking |
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Indelible ink to be used to identify people who've made withdrawals
Posted Date : 15-Nov-2016 , 02:21:32 pm | Posted By CASANSAAR
Even as the government and the Opposition are trying to formulate their strategies for the coming winter session of Parliament on the issue of demonetisation, Economic Affairs Secretary Shaktikanta Das, in a press meet on Tuesday, made a couple of announements to combat the crisis of cash ...
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Banking |
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RBI raises withdrawal limit for current account to Rs 50,000
Posted Date : 15-Nov-2016 , 08:32:40 am | Posted By CASANSAAR
The Reserve Bank of India on Monday said that current account holders are allowed to withdraw up to Rs 50,000 in a week. Such tenders will be disbursed predominantly in Rs 2,000 denomination , said a circular from the RBI.
The RBI has also said banks could deploy micro-ATMs, Bala Mitras, etc near...
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RBI |
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SC to hear pleas on demonetisation of Rs 1,000 and 500 notes
Posted Date : 14-Nov-2016 , 08:53:13 pm | Posted By CASANSAAR
Amidst unprecedented panic rush in banks and ATMs across the country, the Supreme Court would tomorrow hear a batch of PILs seeking quashing of the government's decision to demonetise Rs 1,000 and Rs 500 currency notes on the grounds that it infringed citizens' right to life and trade among ...
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Banking |
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RBI asks banks to furnish daily data on cash withdrawals
Posted Date : 14-Nov-2016 , 12:11:52 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) asked banks to submit daily amounts of cash withdrawn from over the counter as well as through automated teller machines to help it gather accurate data on the circulation of currency.
In a circular on Sunday it asked banks to submit the data in a speci...
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Income Tax |
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Donald Trump says will not take any salary or vacation as US President
Posted Date : 14-Nov-2016 , 12:06:37 pm | Posted By CASANSAAR
US President-elect Donald Trump has said he would take USD 1 as his salary a year and not the USD 400,000 that comes with the US president’s job and will refrain from going on any vacation. Asked whether he was going to the president’s salary, 70-year-old Trump said, “No, I’m...
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International Business |
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Rs 500/1,000 notes valid for key utility payments till Nov 24
Posted Date : 14-Nov-2016 , 12:02:02 pm | Posted By CASANSAAR
With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.
While withdrawing Rs 500 and Rs 1,000 not...
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Income Tax |
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ATM withdrawal limit increased to Rs 2500/day; Exchange limit Rs 4500
Posted Date : 13-Nov-2016 , 09:52:26 pm | Posted By CASANSAAR
Daily limit for withdrawing cash from ATMs has been increased to Rs 2,500 from existing Rs 2,000, announced Ministry of Finance on Sunday after reviewing the position regarding availability and distribution of all denomination of bank notes.
Follow
Min...
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Banking |
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Next action will be against 'Benami' Properties: PM Modi
Posted Date : 13-Nov-2016 , 06:02:41 pm | Posted By CASANSAAR
Prime Minister Narendra Modi today launched a scathing attack on detractors of the demonetisation move, especially the Congress, saying those involved in mega scams were now standing in queues to exchange Rs 4,000 and announcing that more anti-graft measures were on the anvil including action agains...
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General |
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Rs 500/1,000 notes valid for key utilities till Nov 14
Posted Date : 11-Nov-2016 , 09:51:09 pm | Posted By CASANSAAR
Government today extended use of old Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees as well as purchases from co-operative stores by another 72 hours to November 14 as it struggles to make available alternative currency.
While withdrawing Rs 500 and Rs 1,000 no...
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Banking |
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Entry tax on goods from other states constitutional - Supreme Court
Posted Date : 11-Nov-2016 , 04:41:27 pm | Posted By CASANSAAR
Declaring that the state governments have the legislative competence, the Supreme Court Friday held as constitutional the levy of entry tax by states on goods imported from other states. A nine-judge bench led by Chief Justice of India T S Thakur held by majority that state governments could impose ...
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General |
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SBI gets Rs 53000 crore deposits till mid-day
Posted Date : 11-Nov-2016 , 04:35:32 pm | Posted By CASANSAAR
India’s largest lender State Bank of India said on Friday banks received deposits worth Rs 53,000 crore since the government put out of circulation high-value banknotes in a bid to drain illegal wealth.
People started depositing the now-withdrawn Rs 500 and Rs 1000 notes in banks across Ind...
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Bank |
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Madras High Court dismisses petition challenging demonetisation
Posted Date : 11-Nov-2016 , 02:09:26 pm | Posted By CASANSAAR
The Madurai bench of the Madras High Court today dismissed the petition seeking a stay on demonetisation of Rs 500 and Rs 1,000 notes.
The petition was filed by the political party Indian National League (INL).
The bench said the government's demonetisation scheme is good for the country.
...
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Banking |
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Income Tax department conducts multiple raids in Delhi, Mumbai and other cities
Posted Date : 10-Nov-2016 , 07:26:52 pm | Posted By CASANSAAR
This comes a day after Union Finance Ministry had warned of strict actions against those who will be found depositing undisclosed money after banks opened on Thursday.
Further dangling the stick, government on Wednesday night had warned that cash deposits above Rs 2.5 lakh threshold under t...
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Income Tax |
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Income Tax dept not to hound small depositors - FM
Posted Date : 10-Nov-2016 , 07:20:12 pm | Posted By CASANSAAR
Assuring people that taxman will not hound those making small deposits in scrapped Rs 500/1,000 currency, Finance Minister Arun Jaitley today advised them not to throng banks as there is enough time to exchange the junked notes.
He said however that those depositing large amounts of unaccounted m...
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Income Tax |
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Donations to temples, FDs in co-op banks under govt scanner
Posted Date : 10-Nov-2016 , 07:18:06 pm | Posted By CASANSAAR
The demonetization of 1000 rupees and 500 rupees notes has seen sudden spurt in donations to around 100 temples and trusts and in cash reserves of around 1000 cooperative banks and credit societies in Maharashtra. All these transactions have come under government scanner. The officials have apprised...
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Income Tax |
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